I would ask Professor Laibson if it would be beneficial for the general public to learn more about uncertainty and to consider that these extreme cases could happen with a higher likelihood than we imagine?
Our section discussed this question and came to the conclusion that it would definitely be helpful for the public to become better educated about uncertainty and general statistics. It seems that it is generally hard for people that don't often work with numbers and statistics to properly perceive / fully understand probabilities which can affect decision making. For example, we discussed when there is an upcoming natural disaster, some people that aren't well versed in uncertainty (i.e., aren't able to fully grasp what a 60% chance means) may not act accordingly to prepare.
Our section discussed this question and came to the conclusion that it would definitely be helpful for the public to become better educated about uncertainty and general statistics. It seems that it is generally hard for people that don't often work with numbers and statistics to properly perceive / fully understand probabilities which can affect decision making. For example, we discussed when there is an upcoming natural disaster, some people that aren't well versed in uncertainty (i.e., aren't able to fully grasp what a 60% chance means) may not act accordingly to prepare.